Hong Kong regulators make historic move to open banks to cryptocurrency firms

Hong Kong regulators have called on banks to open their doors to cryptocurrency firms, signaling a major shift in the region’s financial industry. The Hong Kong Monetary Authority (HKMA) has instructed authorized institutions (AIs) to adopt a risk-based approach to Anti-Money Laundering (AML) efforts, urging them to take a forward-looking approach to new sectors like the crypto market.